Patisserie Valerie Continues Expansion into Hove
September 22, 2011
Patisserie Holdings, the upmarket cafe operator, has acquired a new site for its Patisserie Valerie chain in Hove, East Sussex, through leisure advisors Davis Coffer Lyons.
The new four storey site on Western Street was acquired from the former occupier, Brighton-based restaurant and coffee shop, The Real Eating Company, which is currently rationalising its portfolio to focus on its cafe and deli business. A premium was paid for the assignment of the 15 year lease which runs from August 2003, at a passing rent of £37,000 per annum exclusive.
Patisserie Valerie will trade on the ground and first floors of the 2,800 sq ft property, which is one block from the seafront and trading close to nearby operators Starbucks, Tesco Metro and Sainsburys.
Rob Meadows, Davis Coffer Lyons who advised the landlord, said: We are currently receiving enquiries from prospective restaurant occupiers for this area, with its proximity to Brighton, and its wide and affluent catchment. Historically, the retail and leisure quantity and range in Hove hasn’t always reflected its demographic, but it is now attracting many more big names, which may also be linked to some very successful mixed use developments that have completed recently in this region.”
Patisserie Valerie, which is also opening a further site at Birmingham Pavillions shortly, has grown its portfolio by 50% over the past 12 months and now operates almost 50 Patisserie Valerie stores in England.
Patisserie Valerie is led by chief executive Paul May and Patisserie Holdings is backed by Luke Johnson’s Risk Capital Partners.